Business briefs

Thursday

NEW ORLEANS -- Tidewater Inc., which operates a major fleet of vessels servicing the offshore-petroleum industry, recorded a sharp gain in fiscal fourth-quarter earnings that easily exceeded analysts’ forecasts.

During the January-through-March period, Tidewater earned $87.6 million, or $1.56 per share, on revenue of $293.5 million, compared with year-ago earnings in the fourth quarter of $64.7 million, or $1.11 per share, on revenue of $246.5 million.

Analysts surveyed by Thomson Financial had forecast per-share earnings of $1.49 for the latest quarter.

The company said the 2006-07 fiscal year was the best in its 51-year history and due to recent upgrades in its fleet of 463 vessels.

For 2006-07, Tidewater earned $356.6 million, or $6.31 per share, on revenue of $1.13 billion, compared with 2005-06 earnings of $235.8 million, or $4.07 per share, on revenue of $877.6 million.

For the three months ending March 31, Gulf Island earned $4.4 million, or 31 cents per share, on revenue of $109.4 million, compared with year-ago earnings in the first quarter of $1.9 million, or 14 cents per share, on revenue of $57 million.

Analysts surveyed by Thomson Financial had forecast per-share earnings of 27 cents for the latest quarter.

Gulf Island said it had a revenue backlog of $393.7 million and a labor backlog of about 3.7 million man hours to work.

LAFAYETTE -- MidSouth Bancorp Inc., which has 29 banking offices in southern Louisiana, including Houma and Thibodaux, and southeastern Texas, saw its first-quarter earnings rise slightly, the company reported last week.

For the three months ending March 31, MidSouth earned $2 million, or 31 cents per share, compared with year-ago earnings in the first quarter of $1.8 million, or 29 cents per share.

Return on average assets dropped to 98 cents per $100 from $1.03 per $100.

The rise was due solely to a $320,000 decrease in the provision for loan losses, the company said.

Although net-interest income and noninterest income increased $1.4 million, expenses from the company’s expansion increased by $1.6 million, MidSouth said.

MidSouth said it planned to open seven additional banking offices over the next year, including its initial expansion into Houston, which is expected in May.

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